Aberdeen Group plc Acquires 25,186 Shares of Fifth Third Bancorp $FITB

Key Points

• Aberdeen Group plc increased its stake in Fifth Third Bancorp by 4.7%, acquiring an additional 25,186 shares, bringing their total ownership to 558,496 shares valued at approximately $23.125 million.
• Wall Street analysts have varying outlooks for Fifth Third Bancorp, with target prices ranging from $48.00 to $52.00, reflecting a general expectation of continued growth for the stock.
• Fifth Third Bancorp announced a new quarterly dividend of $0.40, up from the previous $0.37, which equates to an annualized yield of 3.8% and indicates confidence in financial stability.

Aberdeen Group plc lifted its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 4.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 558,496 shares of the financial services provider's stock after purchasing an additional 25,186 shares during the quarter. Aberdeen Group plc owned 0.08% of Fifth Third Bancorp worth $23,125,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Lmcg Investments LLC raised its position in shares of Fifth Third Bancorp by 0.3% during the second quarter. Lmcg Investments LLC now owns 219,658 shares of the financial services provider's stock worth $9,035,000 after purchasing an additional 560 shares during the period. PDS Planning Inc lifted its stake in Fifth Third Bancorp by 11.0% during the 2nd quarter. PDS Planning Inc now owns 5,850 shares of the financial services provider's stock valued at $241,000 after acquiring an additional 578 shares in the last quarter. Blue Trust Inc. increased its position in shares of Fifth Third Bancorp by 32.4% during the 2nd quarter. Blue Trust Inc. now owns 3,018 shares of the financial services provider's stock valued at $124,000 after purchasing an additional 738 shares during the last quarter. Commerzbank Aktiengesellschaft FI increased its position in shares of Fifth Third Bancorp by 57.7% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 24,400 shares of the financial services provider's stock valued at $1,004,000 after purchasing an additional 8,927 shares during the last quarter. Finally, Argyle Capital Management LLC increased its position in shares of Fifth Third Bancorp by 4.6% during the 2nd quarter. Argyle Capital Management LLC now owns 38,300 shares of the financial services provider's stock valued at $1,575,000 after purchasing an additional 1,700 shares during the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FITB. Piper Sandler decreased their target price on Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating for the company in a research report on Tuesday, October 7th. Stephens raised their target price on Fifth Third Bancorp from $47.00 to $49.00 in a research report on Tuesday, October 7th. Robert W. Baird raised their target price on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Thursday, October 2nd. Keefe, Bruyette & Woods lifted their price objective on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a "market perform" rating in a report on Tuesday, October 7th. Finally, Truist Financial lifted their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a report on Friday, September 12th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $50.20.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $42.20 on Tuesday. The company has a market cap of $27.93 billion, a PE ratio of 13.11, a price-to-earnings-growth ratio of 1.12 and a beta of 0.95. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.76. The stock has a 50-day moving average price of $44.24 and a 200-day moving average price of $40.75. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Tuesday, September 30th. This is a positive change from Fifth Third Bancorp's previous quarterly dividend of $0.37. Fifth Third Bancorp's dividend payout ratio is presently 49.69%.

Fifth Third Bancorp announced that its board has authorized a share buyback program on Monday, June 16th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.

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